Should I refinance my auto loan?
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4 months ago I had to trade in my old car for a new one because the loan was in my mom's name, and I was a month or 2 away from a credit score. The problem was my mom needed the loan off her name right then for her mortgage refinance. No banks would aprove me with no score for a refinance, so I went to a Ford dealer, and Ford Credit aproved me, but with 18% interest. I've made all of my payments on time, on my auto loan as well as my credit card I've had. Now that I have credit scores in the upper 600's, and with the feds droping rates, I want to refinance. The question is should I wait till I've had my current loan for 6 months, or should I just go ahead and start applying now? With upper 600's scores, what kind of rates would I recieve? Thanks to anyone who leaves helpful answers!!
Should I refinance my auto loan?Yes you should refiance. Go ahead and apply, I would try capitalone.com, they have excllent car rates., with an easy approval process. You should expect something around 8-9% give or take a point. You should easily cut your interest in half.
Should I refinance my auto loan?Upper 600's is not that great of a score, yet. You are young and will have to pay higher rates for a while because you are a high risk. You may want to go to your local credit union and see if they can help. 18% is high, and a credit union will probably be able to get you a slightly better rate. Shop around but don't put in a bunch of applications. That will make your score drop.
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